As interest rates continue to rise and borrowers are coming under very severe pressure, it is very noticeable that the net margins of banks are also growing significantly. Yesterday the stock value of one Irish bank rose by just 4% in just a day. Would it be timely for the Government to review consumer protections and to sit down with the Central Bank, the Financial Services and Pensions Ombudsman and the Competition and Consumer Protection Commission to review consumer protection in financial services?

As this is a service matter, I have asked the Health Service Executive to respond to the Deputy directly, as soon as possible.

I thank the Deputy for raising this matter. I am aware of a number of people whose mortgages are with non-bank lenders who are facing very high interest rates. It is 8% or 9% in some cases. I understand that it is relatively easy to switch if a person has equity in the property and a good payment record. They can switch back or switch to another bank where they might get a lower rate but that will not always be the case, particularly where people may have had a period where they were not paying their mortgage, often through no fault of their own, having lost their jobs. The Minister for Finance is very seized of this and is very sympathetic. He is working out if there are targeted solutions that might help in those cases.